out-of-pocket expenses. If you schedule a closing and fail to complete it on that day, there are consequences. You’ll face increased closing costs the next month, in addition to any penalty for the delay. Although most sellers will work with you if the transaction does not close on time, failure to close opens the door to canceling the sale. This is most likely to occur in a seller’s market, in which the seller may have taken backup offers that are potentially better than yours.
Closing is always held at the Notary or the Lawyer's office.
#8. Get Ready for Your Closing Day
Before meeting with the notary or your lawyer, you will receive a copy of the Summary of Adjustments. This document includes the following information: • The amount of the approved mortgage to be released by the lender to the notary or lawyer.
• The buyer’s share of property taxes, utilities, and strata fees.
• The total amount required to close the transaction, as well as any items you are responsible for paying at closing which should be paid in the form of a bank draft. It’s finally time to sign all the papers related to your purchase at the Notary or Lawyer's office. Your Notary or Lawyer will ensure that you understand all the papers that you are signing. Don’t sign anything that’s unclear to you, or different from what you agreed to, or seems wrong. Make sure that you understand what you’re signing and how your payments were distributed. After your meeting, you will be given copies of all documents you signed.
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